Farma

Matsern
10.05.2019 kl 12:00 8086

Belships hedges 2020 fuel costs

Belships ASA (OSE: BEL) has entered into an agreement to hedge the price
differential between compliant 0.5% sulphur fuel oil (VLSFO) and 3.5% sulphur
fuel oil (HSFO).

The secured exposure is for 24,000 tons of bunkers for the full calendar year
2020. The volume equals the annual fuel consumption of about four vessels. The
fixed price differential is USD 198 per ton, with monthly settlements in 2020.

The company's trading fleet will be physically ready by January 2020 to comply
with the IMO Sulphur Cap 2020, which prohibits marine bunkering fuels containing
more than 0.5 per cent sulphur in order to improve the shipping industry's
environmental footprint.

The bunker price differential hedge reduces downside risks and represents an
efficient alternative to costly installations of scrubbers, whilst retaining
full utilization of the fleet and the flexibility to adjust the position as the
market develops.

Following recent acquisitions, the Belships fleet counts 19 Supramax/Ultramax
bulk carriers, including one newbuilding from Imabari, Japan in the first half
of 2020.

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